News
Additional funds raised to fund further acquistions
Summary:
- Placing of 316,960,000 Placing Shares to raise proceeds of approximately £4m before fees and expenses to fund further acquisitions in ‘blue collar’ compliance space
- Placing price per share of 1.25p
- Since the raising of £9.5m (net proceeds) in December 2009, the Company has deployed £7.9m through a mixture of equity and debt in completing acquisitions of four businesses in a number of its targeted sectors
- The Company has developed discussions with a number of other potential targets in chosen areas of Compliance Services which the Directors believe would fit well with the existing platform
These proposals are subject to, inter alia, shareholder approval at a General Meeting to be held on 25 June 2010.
Commenting, John Prowse, Chief Executive Officer, Green Compliance plc, said: “The new funds will allow us to proceed to the next stage of our strategy as we assemble a Compliance Services group focused on the water hygiene, pest control and fire protection markets. We are pleased with the progress already shown in the existing businesses we have acquired since December 2009 which is in line with our buy, build and integrate strategy. We look forward to integrating further businesses over the course of the next few months and are excited by the prospects for Green Compliance in the future."
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